The recovery of the U.S. economy is critical, yet in a very delicate position. Some Americans are gradually getting back to work or finding new jobs; however, others are not in as fortunate positions. Stimulus checks from the American Rescue Plan can only do so much, especially for people who are months behind on bills, rent, and other expenses.
At this time, the weekly unemployment claims are being closely tracked and monitored. These numbers can provide at least some insight into the jobs market and how Americans are doing work-wise.
Jobless claims from past weeks have looked promising; however, the same cannot be said for the most recent weekly unemployment claims, according to Breitbart News.
What to Know About the Latest Weekly Unemployment Claims
Jobless claims for the week of March 28 – April 3 increased to 744K. This number marks a notable increase from the previous week’s 719K. The claims of 744K are also significantly higher than the 680K claims that economic specialists predicted would come for the week concluding on April 3.
Unemployment Insurance Weekly Claims
Initial claims were 744,000 for the week ending 4/3 (+16,000).
Insured unemployment was 3,734,000 for the week ending 3/27 (-16,000).https://t.co/ys7Eg5LKAW
— US Labor Department (@USDOL) April 8, 2021
The latest weekly unemployment claims come in spite of the recent passage of the American Rescue Plan. This is a bill that President Biden and Democrats have lauded as critical to economic recovery; however, time and time again, reopenings have proven themselves as the things that lead to the betterment of the economy.
It is also worth noting that weekly jobless claims can significantly fluctuate, due to a series of factors. Nonetheless, the current numbers still indicate that many millions of Americans are still going through financial struggles and having a rough time getting back on their feet.
Keeping the Economy Alive
Keeping the economy alive and getting things back on track will depend upon whether or not reopenings continue across the nation. Re-engaging the economy creates the demand for consumer spending, new hires, etc.
With large states such as California and others opening up, the jobs numbers will increase, and unemployment claims will go down. Make no mistake about it, these numbers have nothing to do with Biden policies, and he should take no credit for it.
— Gianno Caldwell (@GiannoCaldwell) April 8, 2021
Resisting the dismal policies of the Biden administration will also prove to be paramount to the economy’s health. Right now, the president is working to pass bills that would significantly raise taxes, kill jobs, and send employment opportunities overseas. Needless to say, none of this is in keeping with bettering the U.S. economy and getting people back to work again.
What do you think about the latest unemployment numbers? Do you believe that the economy is on track to a full recovery? Share your thoughts with us down below in the comments section below.